CBRE, the world leader in commercial real estate services, has advised ÆRIUM on the sale of Kralovo Pole Shopping Centre to CPI, a Czech real estate investment group operating in Central and Western Europe.
Kralovo Pole Shopping Centre was built in 2004 by Carrefour and comprises a two-level gallery with 78 shops and a food court with a total of 26,500 sq m GLA and 900 parking spaces. The hypermarket was originally anchored by Carrefour until 2007, when it was taken over by Tesco.
Kralovo Pole is the dominant shopping centre in the North of Brno featuring a large catchment of 250,000 inhabitants within 20 min with above average purchasing power. The shopping centre offers development potential having a valid building permit in place for a further 12,000 sqm GLA expansion.
Charles Edouard Castella, Executive Director of Ærium, said: “Aerium is thrilled to bring to the market an exceptional investment proposition. Having executed successfully our active value-add asset management programme, we are handing over Kralovo Pole Shopping Centre in prime condition to CPI Property Group. This unique asset benefits from an exceptional covenant providing long-term stable income as well as a building permit for a further 12,000 sq m GLA expansion. We look forward to seeing the centre continue to prosper for years to come.”
Peter Wojtusiak, Associate Director, Investment Properties, CBRE, said: “We are very proud to have represented Aerium on the sale of Kralovo Pole Shopping Centre and in contributing to achieving a great outcome for both parties. CPI has acquired an excellent income-producing asset from Aerium with significant upside via expansion and refurbishment, which once realised will further enhance the centre’s dominant position on the market.”
This substantial transaction has emphasised CBRE’s depth of retail sector knowledge and skills in marketing this complex asset, as well as contributing to surpassing the EUR 550m mark in solely retail sector transactions in the year to date spanning seven assets, and thereby firmly staking CBRE’s claim as one of the most active and experienced retail sector investment advisory teams on the Czech market.